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development in the u.s. was the decision by the sec to back off on money-market funds. do you see that -- we had some regulatory actions on banks, chartered banks, each less. money markets are part of the shadow banking system and the sec says we can't do it. what happens next? >> this is a very important issue to address. they have made the case already that money market funds are a systemic issue. i think there has been a lot of work around that and consensus around that. some of it than by people in the audience here. i think the fact that that sec has been able to address this -- one of the things it was put into place to do was addressed these situations where you have a stomach tissue that is not being addressed by the primary regulator. now this is very much on the agenda. i think it has to be. there is obviously a complicated set of questions about how you do it. one option is to put it back to the sec by making a designation as a whole. the first response would be to put the onus on the sec to address this issue again, which may be the right way to go. you could also designate money
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